There seems to be a generally accepted argument that if/when Vancouver’s real estate market hits a downturn it will be Condominium prices that will be hardest hit. This idea seems to be based on a couple of factors: Houses come with land attached which adds value, and Vancouver’s previous experience with the leaky condo disaster hit condo values hard.
In light of this it is interesting to see what the REBGV detached benchmark price has done in the last six months:
As you can see prices didn’t stop rising after the July assessments values were recorded, they continued to rise for a couple of months, peaking in September 2006 and sliding down since then. According to the Real Estate Board of Greater Vancouver the ‘benchmark’ single family detached home is worth just slightly less than it was in July ’06.
The REBGV benchmark for attached and apartments also peaked in September ’06, but neither has dropped below their July value yet:
Attached is pretty flat, while the apartment benchmark dropped about 5 grand before it ticked up slightly last month. Any bets as to when we’ll see the peak price of September ’06 again?